MedPlus Health Services Limited stands as India's second largest pharmacy retailer, operating over 4,552 stores across 12 states and 1 union territory as of Q2 FY25. Founded in 2006 by Dr. Madhukar Gangadi, the company has evolved from a single pharmacy store in Hyderabad to become one of India's leading healthcare retail chains. The first MedPlus pharmacy opened in February 2006 in Hyderabad, and today MedPlus has 4000+ pharmacies throughout India serving over 3.5 lakh customers daily.
The company operates through an omnichannel business model, combining its extensive physical store network with digital platforms including its e-pharmacy MedPlusMart.com, which launched in 2015. MedPlus has grown from operating initial 48 stores in Hyderabad at the conception of the business to operating India's second largest pharmacy retail network distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, Maharashtra, Kerala, Chattisgarh, and Madhya Pradesh.
MedPlus operates through multiple business segments, including retail pharmacy, diagnostics, and other healthcare services. The company provides a range of products and services including retail pharmacy with an extensive selection of prescription and over-the-counter medicines from popular brands such as Pfizer, Novartis, and GlaxoSmithKline, along with health and wellness products including vitamins, supplements, and herbal products.
The company has also diversified into healthcare services, offering home nursing, physiotherapy, medical equipment rental, diagnostic services including X-ray, ultrasound, and lab tests, as well as health check-up packages and health insurance services. In 2008, it opened diagnostics centers in five cities under its subsidiary MedPlus Pathlabs, and in 2015, it started its e-pharmacy division.
MedPlus stores are strategically distributed to maintain a high presence in metro, tier-one, and tier-two cities. The company has been aggressively expanding its footprint, with 108 net new stores added in Q2 FY2025, of which 71 were in Tier-2 and Tier-3 cities. The company added 100 new stores in Q4 FY25, increasing total count to 4,712, and plans to open 600 new stores in FY26.
MedPlus has demonstrated strong financial performance with significant growth momentum. For FY25, the company reported impressive results across key metrics:
Revenue and Profitability (FY25):
- Revenue: ₹6,136.05 Crore (up 9.09% YoY from ₹5,624.86 Crore in FY24)
- Net Profit: ₹150.32 Crore (up 129.60% YoY from ₹65.47 Crore in FY24)
Quarterly Performance (Q4 FY25):
- Revenue: ₹1,509.61 Crore (up 1.28% YoY from ₹1,490.50 Crore in Q4 FY24)
- Net Profit: ₹51.34 Crore (up 53.71% YoY from ₹33.40 Crore in Q4 FY24)
Q3 FY25 Performance:
- Revenue: ₹1,561.45 Crore (up 8.32% YoY from ₹1,441.47 Crore in Q3 FY24)
- Net Profit: ₹45.89 Crore (up 234.23% YoY from ₹13.73 Crore in Q3 FY24)
MedPlus has a market capitalization of ₹10,409 Crore as of recent data, representing a 29.9% increase over the past year. The company went public in December 2021 through an initial public offering (IPO) and got listed on the Indian stock exchanges.
The promoter holding stands at 40.3%, though there are some concerns as promoters have pledged or encumbered 59.3% of their holding. Promoter holding has slightly decreased to 40.34% as of March 2025 from 40.39% as of June 2024.
MedPlus has invested significantly in digital transformation and omnichannel capabilities. The company operates an online sales platform where customers can visit stores or access offerings online through website and mobile application, with various e-commerce portals such as 'MedPlus Mart', 'MedPlus Lens', and 'MedPlus Labs'. The company offers an omnichannel platform wherein customers can purchase products through stores, place orders over the telephone, online orders, and a Click and Pick facility.
The company has been focusing on expanding its private label offerings to improve margins. MedPlus currently sells around 140 private label drugs outsourced from third-party manufacturers under the MedPlus brand called MHS Pharma, with private labels comprising around 4.5% of total sales, and the company hopes to double this in two years while expanding beyond medicines to personal care products.
The company is led by Chairman Gangadi Madhukar Reddy, and Madhukar Gangadi serves as the Founder & CEO. Gangadi is a medical doctor by training with an MBA in healthcare management from Wharton School, who set up the first medical store in Hyderabad in 2006 after returning from the US.
MedPlus Health Services represents a compelling investment opportunity in India's rapidly growing healthcare retail sector, combining strong fundamentals with an expansive growth strategy and comprehensive omnichannel approach to serve India's diverse healthcare needs.
